Rio Tinto and Chile’s state-owned mining company Empresa Nacional de Minería (ENAMI) have signed a binding agreement to establish a joint venture for the development of the Salares Altoandinos lithium project in the Atacama region.
The agreement outlines Rio Tinto’s acquisition of a 51% interest in the project. The company has committed up to $425 million in cash and non-cash contributions, including its Direct Lithium Extraction (DLE) technology.
Cash contributions will be staged and used to fund a pre-feasibility study and subsequent assessments, subject to joint venture approvals at each stage.
The transaction is expected to close in the first half of 2026, pending regulatory approvals and other standard closing conditions.
“The Salares Altoandinos project represents a significant opportunity to develop a large-scale, long-life, low-cost lithium brine resource,” said Rio Tinto Minerals Chief Executive Sinead Kaufman. “We are committed to the highest environmental standards and to ensuring any potential development is guided by transparent, respectful, and ongoing engagement with local communities in Chile’s Atacama region.”